Rep. Barney Frank to retire

Facing a changed political map, Massachusetts Rep. Barney Frank will not seek re-election next year.

His move, announced at a 1 p.m. news conference in Newton, Mass., ends more than three decades in Congress, where he is known as a liberal firebrand and put his mark on the most sweeping overhaul of banking and financial-industry regulations in decades.

Frank, 71, said a redistricting plan signed into law last week would have required him "to campaign in a district that is almost half new" and divide his loyalties between new and long-time constituents. Under the plan, Frank's district lost the Democratic stronghold of New Bedford and included more conservative communities.

He said he wants to pursue other projects once he leaves office, noting he has the "longest uncompleted Phd thesis in Harvard history."

Frank, among the first openly gay members of Congress, is known for his sharp intellect and intense, rapid-fire delivery during congressional debates. He chaired the House Financial Services Committee from 2007 until his party lost its House majority in the 2010 election. In that role, he helped shepherd President Bush's massive 2008 bailout of the financial sector through Congress.

He then became a principal architect of the 2010 law that ushered in the most sweeping changes to banking industry regulations since the Great Depression. That legislation, aimed at preventing another financial-sector meltdown, has become known in Washington parlance as the Dodd-Frank law, also named for co-author and former Connecticut senator Chris Dodd. It has made Frank a lightning rod for conservatives, who argue it amounts to government overreach.

Frank, first elected in 1980, said he had considered retirement last year following "very busy and somewhat stressful four years" coping with the financial crisis and its aftermath. He said he decided to remain in the House to safeguard against efforts to roll back provisions of the new law by the Republican majority in the House.

He faced stiff opposition in 2010 from Republican Sean Bielat. Frank went on to win re-election to a 16th term by 10 percentage points.

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About Catalina Camia

Catalina Camia leads the OnPolitics online community and has been at USA TODAY since 2005. She has been a reporter or editor covering politics and Congress for two decades, including stints at The Dallas Morning News and Congressional Quarterly. Follow her at @USATOnPolitics.